Toyota Recalls 2.4 Million Vehicles to Fix Hybrid System Issue

Toyota Motor Corp. (TM) announced it was recalling 2.4 million vehicles globally to fix a problem in those vehicles' hybrid systems that could cause them to lose power.

Toyota shares are up 0.38% on Friday.

The recall mainly affects Prius vehicles produced between October 2008 and November 2014. The recall in the U.S. alone affects 800,000 vehicles produced between 2010 and 2014.

The vehicles are designed to enter a "fail-safe" mode should the gas-electric hybrid system fail, which should give the cars enough power to get off the road. However, a problem with the system could prevent the vehicles from entering the fail-safe mode.

Separately, Toyota announced Thursday it entered with SoftBank Group Corp. (SFTBY) a $20 million joint venture -- Monet Technologies Corp. -- to create businesses that run on driverless technology.

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